Yangzijiang Shipbuilding (Holdings) will move ahead with a planned share sale to QD Asia Pacific without needing to complete an earlier purchase agreement, according to a stock exchange statement.

Yangzijiang will place 83.55 million new shares with QD Asia, a unit of Qatari sovereign wealth fund Qatari Diar Real Estate Investment Co., at $1.295 a share, according to the statement.

 

Yangzijiang had announced on April 17 that it would buy a 50.1% stake in PPL Holdings, a Singapore-based oil rig builder, and QD Asia Pacific would take 45%. The share placement by QD Asia Pacific was no longer dependent on this acquisition, today’s statement said.